Joseph Stiglitz

Joseph Stiglitz

An American economist and academic born in 1943. He is most noted for his work on information asymmetry, which summarizes how economic actors use and share information in order to gain advantages in the market. Stiglitz argues, contrary to neo-classical economics, that markets usually are inefficient because information is not spread evenly. He shared the Nobel Prize for Economics in 2001 for this work.

Despite this thematic approach to organization, he retains the focus on reviewing and comparing the ideas of prominent economists on these issues, including those of Milton Friedman, Friedrich Hayek, Paul Krugman, Robert Lucas, James Meade, Robert Mundell, Paul Samuelson, Joseph Stiglitz, and James Tobin.

In his estimate of the cost of the Iraq War, should the war continue until 2010, Columbia University economist and 2001 Nobel Prize winner Joseph Stiglitz points to such additional expenses as taking care of 16,000 seriously wounded soldiers for the rest of their lives.

With his Nobel Prize for Economics (yep, he's been there and done that: 2001) tucked safely under his arm, Professor Joseph Stiglitz (see p50) has decided to boldly go where no former senior employee of a Bretton Woods institution has gone: into print with exactly what takes place in the minds of policy wonks at the IMP and the World Bank.

But one of the unexpected results of the Asian crisis is that a new coterie of economists has emerged--including not only Krugman but also Joseph Stiglitz of the World Bank, Jeffrey Sachs of Harvard, and Jagdish Bhagwhati of Columbia--who favor some restraints on unadulterated international capitalism precisely because of their internationalism.

Joseph Stiglitz, chairman of Clinton's Council of Economic Advisers, issued the administration's formal response, saying it ``believes it is important to have the most accurate measure possible to ensure that Social Security and other benefits are protected from inflation and to adjust tax brackets to keep our system fair.

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